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Monday, March 4, 2024

XRP Defies Market Sentiment With 3% Increase, BTC Drops Below $27K (Market Watch)

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Bitcoin dropped by over a grand in the past 24 hours and registered its lowest price tag in about a week earlier today.

The altcoins are also slightly in the red now, with LDO dumping the most (over 6%).

Bitcoin Slips Under $27K

Last week’s unfavorable market conditions culminated on Friday when BTC slumped to a two-month low at $25,800. However, the asset bounced off during the weekend, and spent most of it at around $27,000.

Monday began on a more positive note as BTC jumped to $27,600. However, it failed there and quickly lost all daily gains. Another leg up came on Wednesday, but the bears intercepted the move once again, and BTC was unable to challenge $27,500.

The subsequent rejection was a lot more violent than the previous one. It took bitcoin south by a grand, and it plummeted to a weekly low of $26,400. Despite regaining several hundred dollars since then, bitcoin still trades under $27,000 as it’s 2% down on the day.

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As a result, its market capitalization has slumped back down to $520 billion, while its dominance over the altcoins sits tight at 46.3%.

BTCUSD. Source: TradingView

XRP Defies Market Sentiment

Most of the altcoins have also followed suit with minor daily declines. Ethereum, for one, has retraced by around 1% and is close to breaking below $1,800 once again. Binance Coin is back below $310 after a similar daily decline.

Cardano, Solana, Litecoin, Polkadot, Shiba Inu, and Avalanche have produced drops of around 1-2%. More daily losses come from the likes of Chainlink, ATOM, and TONCOIN – all of which are down by around 3%.

Lido DAO’s native token has dropped the most from the larger-cap alts with a 6% nosedive. Yet, LDO still trades above $2.1.

Ripple is the only top 10 alt with a minor daily increase. XRP, perhaps fueled by the positive developments around the blockchain company’s legal case against the SEC, is up by around 3% and trades above $0.45.

The total crypto market cap erased yesterday’s gains and is down to $1.120 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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